Pandemic impact on global labor 4 times worse than in 2009 financial crisis

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The COVID-19 pandemic wiped out an equivalent of 255 million full-time jobs in 2020, says the International Labour Organization.

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The losses compared with the previous year were equivalent to 255 million full-time jobs and included an"unprecedented" 114 million workers joining the ranks of the unemployed and others whose working hours were reduced due to restrictions, it said.

Guy Ryder, ILO director-general, told a news briefing:"This has been the most severe crisis for the world of work since the Great Depression of the 1930s. Its impact is far greater than that of the global financial crisis of 2009." But it was"particularly concerning" that 71% of the job losses, or 81 million people, came in the form of inactivity, Ryder said."These people have simply dropped out of the labor market. Either they are unable to work, perhaps because of pandemic restrictions, or social obligations, or they have given up looking for work," he added.

"There are some sectors – there are the financial sectors, the information technology sectors – which have actually continued to grow in the course of 2020," Ryder said.

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